Rashtriya Ispat Nigam Limited has achieved the best-ever export turnover during the first half of current financial year.
The H1 results released on Tuesday reveals that it could clock an export turnover of Rs.348 crore accounting for a growth of 63 per cent over corresponding period last year (CPLY). “The company has taken advantage of depreciation of rupee by maximising exports and similar efforts are on to maximise exports during H2 also,” a release stated.
The special steel and wire rod sales grew by 16 and 63 per cent respectively compared to CPLY. Seven new branches are also getting stabilised to strengthen marketing network in different regions of the country.
12 per cent growth
RINL achieved an impressive performance during first half of the current fiscal in all fronts. The company registered a growth of 12 per cent in finished steel production in H1 comparing to CPLY, besides achieving growth in techno-economic parameters such as labour productivity and specific energy consumption.
On sales, RINL has recorded a growth of 16 per cent with total sales volume of 1.3 million tonnes during first half of the year. Market continued to be sluggish during the current year affecting sales realisation.
However, the release said with higher sales volume, RINL could surpass the CPLY performance in turnover on its sales of Rs.5,789 crore.